Market Overview

A Peek Into The Market Before The Trading Starts

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Hi-Tech Pharmacal Receives FDA Final Approval for Bromfenac Ophthalmic Solution, 0.09%
US Stock Futures Up; Jobless Claims Data In Focus

Pre-open movers US stock futures are mixed this morning. Futures for the Dow Jones Industrial Average dropped 10 points to 12,093.00 and S&P 500 index futures rose 1.60 points to 1,275.50. Nasdaq 100 futures gained 3.50 points to 2,458.50.

A Peek Into Global Markets European markets were mostly lower today. The STOXX Europe 600 Index fell 0.18%, French CAC 40 index rose 0.69% and German DAX 30 index dropped 0.99%.

Asian markets ended mostly lower, with Japan's Nikkei Stock Average dropping 1.71%, China's Shanghai Composite falling 2.73% and Australia's S&P/ASX 200 moving down 2.03%. Hong Kong's Hang Seng index declined 2.01% and India's Sensex surged 0.27%.

Broker Recommendation Analysts at Citigroup downgraded Charles Schwab Corporation (NYSE: SCHW) from “buy” to “neutral.” The target price for Charles Schwab has been lowered from $20 to $13.

Charles Schwab shares dropped 2.89% to close at $12.10 on Friday.

Breaking news

  • Hi-Tech Pharmacal Co Inc (NASDAQ: HITK) announced today the signing of a definitive agreement under which Hi-Tech acquired exclusive rights to the Cormax brand from Watson Laboratories for an undisclosed sum of money. To read the full news, click here.
  • The Bon-Ton Stores Inc (NASDAQ: BONT) today announced that The Bon-Ton Department Stores, Inc., a wholly-owned subsidiary of Bon-Ton, has commenced an offer to certain eligible noteholders described below to exchange any and all of its outstanding 10¼% Senior Notes due 2014 for newly issued 10⅝% Second Lien Senior Secured Notes due 2017, upon the terms and conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement dated June 4, 2012. To read the full news, click here.
  • Integrated Device Technology (NASDAQ: IDTI) today announced the expiration of the “go-shop” period pursuant to the terms of the previously announced merger agreement with PLX Technology Inc, dated April 30, 2012, which contemplates the exchange offer for all outstanding shares of PLX common stock, followed by a second step merger. To read the full news, click here.
  • Vanguard Natural Resources LLC (NYSE: VNR) today announced it has entered into a definitive agreement to acquire natural gas and liquids assets in the Woodford Shale and Fayetteville Shale of the Arkoma Basin for a purchase price of $445 million from Antero Resources. To read the full news, click here.

Posted-In: Citigroup US Stock FuturesNews Futures Global Pre-Market Outlook Markets


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